Peter Boys, Boys Financial Services

3-in-1 Insurance

manulife synergy


Your ability to earn an income is one of your greatest assets. But what would happen if your paycheck was interrupted because of illness, injury or death? Are you financially prepared to cover the mortgage?
..Pay the bills?
..Provide for your family?

To help alleviate the risk of unexpected emergencies, there is a unique 3-in-1 insurance product that covers: Critical illness, Disability, and Death with ONE affordable premium.

3-in-1 insurance was created after an industry-related poll was conducted to learn where Canadians stood with their insurance needs.  These were the two main takeaways:

  1. 70% of Canadian homeowners are concerned about the financial impact of being unable to work (due to illness or injury) BUT only 21% have disability and only 13% have critical illness protection
  2. Only 8% of Canadians have all three risk protection products

The Facts About Middle-Income Canadians In Debt


People between the ages of 20 and 40 are typically under?insured and at risk of significant financial hardship if they are unable to work, or die prematurely.

middle-income Canadians


The overwhelming majority of Generation-X/Y (1966-2000) is concerned about compounding their already-large debt load if they became unable to meet monthly payment obligations.

middle-income Canadians


Without disability or critical illness coverage, the only options for debt relief are retirement savings, family, friends, or borrowing more money to help pay the bills.

middle-income Canadians


It’s important to understand the benefits of personally-owned insurance. versus the limitations of group &/or mortgage insurance.

middle-income Canadians


The risk of dying, developing a critical illness or becoming disabled – before the age of 65, is a statistical reality.


There is a 1-in-5 chance that anyone can experience a long-term absence from work.

middle-income Canadians

Failing to adequately plan for the future is one of the biggest regrets of past generations who didn’t find it necessary to prepare for unanticipated health problems.

manulife poll middle-income Canadians


  • Protection against income loss due to injury, illness & premature death
  • Can be used to supplement an existing group insurance policy
  • Can replace traditional creditor insurance from mortgage lender
  • There is no occupation class or proof of income required (an ideal solution for stay-at-home parents &/or lo-income earners)
  • Available from $100,000 to $500,000 in comprehensive coverage
  • Convenience of one application, one plan to manage, one premium
  • Affordability of one solution for three needs (LI, CI, DI)
  • Personally-owned coverage means you name your own beneficiary & can use the benefits any way you need
  • CI protection includes 22 specific illnesses (including cancer, heart attack and stroke)
  • Immediate access to an online resource centre of information about the Canadian health care system and a world-class medical second opinion service
  • The option to add a Term insurance rider and convert all or part of it to a new, Permanent policy without evidence of insurability
  • Optional child protection riders
  • Premiums are waived if you are on a disability claim


Secure a mortgage with any lending institution and most likely, you’ll be asked to purchase a Life or Critical Illness insurance policy, or both, to protect your mortgage.

What the lender is really asking you to do is to pay to protect their money – aka creditor protection coverage to ONLY be used to pay off your outstanding mortgage balance.

In other words, if you lose the ability to pay your bills for any reason, the bank is guaranteed to get their money because you’ve paid premiums for their insurance policy where the benefits MUST go toward paying off the outstanding mortgage balance, no matter what other needs you might have that could benefit from an insurance payout.

And the kicker… there will be nothing available for any other debt.

Sure, your mortgage will be paid off but the insurance that you’ve paid premiums on offers no other personal benefit to you than eliminating one specific debt.  Homeowners commonly purchase this kind of creditor protection with no means of replacement income to live off of while in financial difficulty from ill health or disability.

This is a rude reality for anyone who’s mistaken mortgage insurance for Disability or Critical Illness insurance.

Few mortgage lenders offer appropriate coverage and of these, you will NOT be underwritten until a time when you need to use the coverage. At that time, your underwriting process is very often denied based on technicalities.

Don’t believe it? Watch CBC’s Marketplace investigative expose.

3-in-1 Insurance is an innovative approach to Life, Critical Illness, and Disability insurance that can provide you with BETTER, MORE DIVERSE PERSONAL PROTECTION that can be used any way you need it, including mortgage protection.

With Most Lender’s
Mortgage Insurance

3-in-1 Insurance

OWNERSHIP You are part of a group policy owned by the lender and the lender is the beneficiary You own your own insurance policy and are free to name your own beneficiary
Benefits go directly to the lender to pay off the mortgage. You never receive any money. If you become disabled before 65 and can’t work, you receive a monthly benefit to help replace your income.
If, before age 65, you are diagnosed with 1 of 22 covered conditions, you receive a lump sum benefit to use however you like.
In the event of death before age 65, the Life Insurance benefit is paid out to your beneficiary to use however they like.
PROTECTION Separate Life and Critical Illness insurance policies are typically offered; few lenders offer Disability coverage. You get a Life Insurance policy, a Critical Illness insurance policy, and a Disability insurance policy in one convenient solution with one affordable payment.
The amount of insurance is restricted to the amount of your mortgage PLUS your benefit decreases as your mortgage principal decreases and coverage ends when your mortgage is paid out. Combined insurance utilizes a “pool of money” model which allows you to purchase a range of insurance from $100,000-500,000 and is NOT restricted to the amount of your mortgage. You also have the option to purchase an additional Term insurance rider.
Your coverage ends if you change lenders. When your combined policy expires at age 65, you are eligible to purchase Permanent insurance without medical underwriting!Caveat: This option is NOT available if you are diagnosed with one of the twenty-two covered conditions.
The Critical Illness protection usually provided basic coverage for cancer, heart attack, and stroke ONLY. Even then, you may be declined on a technicality. The Critical Illness protection provides coverage for 22 conditions.
GUARANTEES Your premiums and benefits are NOT guaranteed — the lender can change or cancel the benefit at any time. Your premiums and benefits are guaranteed for the life of the policy — you control your protection.


insurance risk management

3-in-1 Insurance offers combined protection for three stand-alone types of insurance – Disability, Critical Illness, and Life.

If you are between the ages of 18-50, you can purchase between $100,000 and $500,000 of combination insurance (with the option to purchase additional riders for greater coverage. See Benefits, above), with only ONE application, ONE underwriting process, and ONE premium to pay.

The amount of insurance creates a pool of money called, “the available amount of insurance.”

The unique “pool of money” approach allows a policy owner to allocate their benefits according to their own personal needs, and enjoy these value-added benefits:

  1. No payments required while on a disability claim
  2. Access to an online integrated health information and resource center and a world-class second opinion service for all family members
  3. When the combination insurance expires at age 65, you have the option to purchase a permanent insurance policy with any remaining amount of insurance, without further underwriting

When clients turn 65, they have the option to purchase a Permanent life insurance policy if there is an available amount of insurance remaining… with no medical underwriting required!

CAVEAT: The amount of Permanent insurance they can purchase is limited to the remaining available amount of insurance and the issuer’s limits for the product they choose. (This option is not available if they have received a critical illness covered condition benefit.)

Protect Your Income. Protect Your Lifestyle. Protect Your Family.

At the end of the day, you’re looking at affordable, 3-way protection that goes far beyond life insurance – you’re protecting your lifestyle by protecting your ability to pay for the things that make your day-to-day life enjoyable. Afterall,


synergy if you can't cover the bills


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